Bitcoin is Becoming a Global Currency

[hua_hui]

That is exactly the case here. US Dollar is still the most used business currency in the world. You are paying for most of your international deal with US Dollars after all. I don't think it will gonna change anytime soon. While other currencies stay close and some are even more expensive than USD it dies not matter since dollars are more regarded and used all over the world. But I do not see bitcoin becoming World Currency anytime soon bitcoin revolution just begun.

Only a currency that is cheaper to transfer and more price stable will beat USD.

Due to the current low adoption rate, there are still long way to go before the price will be stable. As Bitcoin is improving in its features and usability, the advantages of it is showing up gradually and ppl will realize it. On the other side, USD dollar will show its disadvantages of being centralized currency, such as inflation,  transfer fee, counterfeited notes, space to carry etc.

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[Frost]

Bitcoin has the potential to play in PayPal's league, but Bitcoin will never become a global currency. I do not believe in the moon stuff.

[ikydesu]

I believe it will be, in the future. But I doubt it will long live because bitcoin distribution is limited, except is there are alt coin will replace bitcoin.


~iki

[Reynaldo]

Its not only about bitcoin as a currency but bitcoin as a protocol, governments could implement their own cryptocurrency that could be exchanged for bitcoins and viceversa, changing their old fiat money for new crytocurrency centralized system .

[H.W.Z]

I believe it will be, in the future. But I doubt it will long live because bitcoin distribution is limited, except is there are alt coin will replace bitcoin.


~iki

i don't think it is a problem! Some ppl adopted early and get rich! Or they invested a lot in mining and get reward of a chunk of it. It is the same of the real world!

[Q7]

It's going to become the global currency that's for sure, only time will tell. And I still don't understand why most people did not realize that we have been deceived all these while to think that the money we are holding onto will still be worth the same someday. That is if the current financial system will still be around by then. With bitcoin we have yet to realize its true potential and how important it's going to be someday.

[Bralex]

Bitcoin has the potential to play in PayPal's league, but Bitcoin will never become a global currency. I do not believe in the moon stuff.

There is an old saying you never say never, but yes unlikely at best. It will go beyond paypal league because it is superior to paypal in every way. You must be one of the only people who do not believe in the moon 
What do you class as not believing in the moon? 

[polynesia]

Its not only about bitcoin as a currency but bitcoin as a protocol, governments could implement their own cryptocurrency that could be exchanged for bitcoins and viceversa, changing their old fiat money for new crytocurrency centralized system .

If governments implement their own cryptocurrency, would it find acceptance?
We already have electronic transfer in fiat currency. Why would we need government backed cryptocurrency?

[Denker]

Its not only about bitcoin as a currency but bitcoin as a protocol, governments could implement their own cryptocurrency that could be exchanged for bitcoins and viceversa, changing their old fiat money for new crytocurrency centralized system .

If governments implement their own cryptocurrency, would it find acceptance?
We already have electronic transfer in fiat currency. Why would we need government backed cryptocurrency?

A cryptocurrency implemented by government would be far away from being allowed to call it a cryptocurrency.Just because it wouldn't have any of the positive features which cryptocurrencies have as we know or define it. For instance decentralisation!

[finlon]

I feel its already a global currency as its the only digital currency which currently allows people to send money without spending more than a penny.

[dothebeats]

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption.  There is a market for Bitcoins in major countries all over the world.

Though those countries stated in here are not considered as big players in terms of economy, it is still amazing to see that we are gaining adoption all throughout the world. If the users of bitcoin become diverse all over the world, we may see bitcoin as another option for currency other than the US dollar.

You may also note that many people may be using the US dollar without being US citizens.

Exactly. There as soon as adoption became widespread, people from all over the world will also use bitcoin aside from the majority of the users today, which are quite distributed in the US.

[marcus_of_augustus]

USD will be the biggest loser if Bitcoin gains adoption globally.

Many people hold a small stash of USD along with their local currency since it is useful for travel and widely recognizable, just in case it might be needed.

[OROBTC]

...

MAYBE Bitcoin will become a global currency in the foreseeable future.  But, perhaps only 0.5% (a guess) of Americans have ever used it in a transaction.  I am the ONLY one I personally know who actually has.

And in Peru (granted a small and not globally important country), BTC is going nowhere fast.  The only BTC group I have ever seen are located in a provincial city, and they never even go to Lima. 

Peru has a ways to go, it is not adopting quickly like Argentina apparently is.  But, Peru's economy and currency are currently pretty stable.  Argentina has a lot of bad things happening now along with a larger IT sector than Peru.  Bad things happening financially gives Argentines motivation to protect their wealth.

[Peru is where our import company is, run by my in-laws down there]

[Wardrick]

For the first time, when I look at the offers on LocalBitcoins.com, there are a half-dozen currencies ahead of the US dollar, offering a higher price for Bitcoin than US dollar users.

Euros, South African Rands, New Zealand Dollars, Hong Kong Dollars, Polish Zloty, Malaysian Ringgits.

It is no longer just the US, EU or even China driving adoption.  There is a market for Bitcoins in major countries all over the world.

It wouldn't be hard for me to believe it's just artificial inflation from Bitcoin whales that are already in the Bitcoin business. I don't think this is the full case though as this would of been predictable from the get go if people knew BTC were to be so successful. The only thing that worries me is the artificial inflation, in which the price goes up very high and drops (as has happened many, many times before). I don't believe it's possible for Bitcoin to rise and fall in such a volatile fashion when the market stays somewhat stable, at least as stable as a new form of online currency can be. These large rises and drops contribute to the negative view people have on Bitcoin because they will never think it will be a stable form of currency. There's nothing stopping large whales and businesses from  continuing to purchase, horde, and then dump this currency which in turn causes the mass fluctuation. Lately there have been laws passed banning this sort of behavior. Looking back to the Hunt brothers, Bitcoin could suffer the same fate over and over again without any means to stop it. The Hunt brothers horded large amounts of Silver and then sold it all at once, causing the silver market to violently crash (More commonly known as Silver Thursday). You can read more about it here - http://en.wikipedia.org/wiki/Silver_Thursday

[polynesia]

USD will be the biggest loser if Bitcoin gains adoption globally.

Many people hold a small stash of USD along with their local currency since it is useful for travel and widely recognizable, just in case it might be needed.

The decline of the dollar, if it happens, will be gradual.
People will have enough opportunities to exit the dollar.

[desertfox470]

Bitcoin has the potential to play in PayPal's league, but Bitcoin will never become a global currency. I do not believe in the moon stuff.

I am agreeing with this. Although I do see very high bitcoin prices I don't see a price that is too the moon. The price will not just change by itself, but rather with large scale adoption of major players in fiat as well.

[johnyj]

It will be many years before it is used everywhere

Unlike centralized system, everyone should take care of their own coins. If they have serious amount of coins, they can't rely on any third party including hard wallet makers (What if there is a back door? What if the wallet software is hacked? What if the key generated already exists?) So eventually they must learn all the bitcoin core mechanisms by themselves and learn how to protect their private key, that will take years  

[Trader Galactic LLC]

Anybody know the current volume of BIT?  Is that what's moving the price right now?  Usually we get a crash after the GOVT auctions.

[lyth0s]

Anybody know the current volume of BIT?  Is that what's moving the price right now?  Usually we get a crash after the GOVT auctions.

If I recall correctly we actually get a small dip prior to auctions and then once all the traders' fears are soothed that people won't be massively dumping the coins on the exchanges we actually get a good sized rally.

[cutesakura]

today has become a topic of conversation in finance world, bitcoin can be a substitute for fiat currency in circulation today, ease of transaction, and especially is free of tax, which makes it interesting from the bitcoin is the exchange rate against the dollar tends to rise and of course free of taxes.